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Show ' . ' .THE SALT LAKE TRIBUNE, TUESDAY MORNING, MAY 24, 1921. i' . . , j- -j i .1 . i , n ) , f n r f ti Auto Dealers, Fur Sellers $ 1 00,000,000 in De-siryear External Securities and Grocers Present Twenty- - ; es Submitted to" Investors. Sinking Fund of $9,000,000 Per Annum Promised' to Pay Principal t Announcement and Interest made today of the exoffering of 1100,000,090 In twenty-yea- r ternal bonds of the French republic to American investors at a price that will net them more than I per cent. This is by all odds the most important piece of foreign financing in this country within recent months and is the first big offering of foreign securities to follow the ac- ceptance of the reparations terms by Germany. The high rate of Interest, together with the cordial relations existing between France and the Ignited States, would seem to gigur well for the success of the ' flotation.. That many Utah and Idaho Investors will apply lor allotments is a foregone conclusion, Judging by the set considerable amount of French curities held In this section. Success Probable. Subscriptions to the lsaue will be opened tomorrow morning by Morgan A Co., fiscal agents for the French government tn this country. While the total amount of the Issue is considerable, the recent successes of large flotations of the bonds of domestic corporations have proved the absorptive powers of the mar' ket and it is probable that the foreign bonds will meet with success. The bonds will not be subject to rewhich means demption prior to maturity, that the Investor will hava a twenty-yea- r, security, purchasable at Pa, to yieldk slightly more than t per non-callab- le cent net. .Sinking Fund $9,000,000. In the loan 'contract under which the bonds will be issued the French gotern raent covenants to provide a sinking fund sf not less than (9,000,000 per annum for the first fiv years of, ths bonds, beginning July 1, 1931, this fund to be used (or the purchase of the bonds at par and accrued Interest The proceeds of the issue, it is believed, n ill be used for the readjustment of French government flnancee resulting from the eettlement of the terms of the German reparations. While the prelimof tke underwriting inary announcement Indicate the full exsyndicate does not tent of the security behind the bonds, it is said on good authority that the sums in addition to anticipated from Germany, the credit and good faith of the. French are behind the issue. It Is government, expected that a considerable amount of Jroui .thcsabundi will funds realised the, Te devoted to the retirement of French now obligations outstanding government h this country and further to the readjustment of French fisal affairs. FOREIGN PRICES DROP. The following table, complied by tle shows National City bank of the prices abroad of the principal mmi-factoring materials, foodstuffs and a limited number of manufactured articles im. portOd lntofthe United States in March, 1911. compared with the high record month of 192(1 cinA the annual average in the year preceding the war. It will be seen that in every article, exoept 1921 in prices paper, March, newsprint Are far below til high record Of 1920, but In most esses still above thd annual average for 191J. Ths figures represent the average import prices'" of the months end year named and thus show, in fact, the prices in the country from which the merchandise Is drawn, since our valuation of imports represents the In the country from price of the article which exported to the United States see , 4 " IMPORT Mirch Raw cotton, lb I Wol fltha. lb. Wol Claim. . b. V,. rnt. lb. Ik. Mnln PH raw, lb.. 1921 .201 PRICES. High ree. la 1030. Auf I .60 .663 .777 .442 ,219 llurcb .179 .132 It!3 bmp. ton. 2 tout grsa. ton. JI9 lud rubber, lb. Cttle hides lb. (lost skins, lb. Tin. bare, etc. Cnpr, pigs, etc. 90 June.. April. March July.. Frh. 1229 S 77 220 OO to Senate Committee Chicago Trtbane-Sel- Twenty-Ye' el. unbL. Dated June 1, 1921. .... " ... jHlgh Low t In the opinion of counsel, these bonds are a legal investment" " for savings banks in Connecticut, Vermont and California. Coupon Bonds in denominations of $1000, $50? and $100, regilterable aa to principad only. - In the loan contract under which these bonds are to be issued the French government covenants to pay to J. P. Morgan & Co., dur- ing the first five years, as a sinking fund, the sum of not less than -- $9,000,000 in cash per annum, in monthly installments of not less than $750,000 each, beginning July 1, 1921, such sums to be applied to the purchase of bonds, if obtainable, at not exceeding par and accrued interest; any unexpended portion of any such installment remaining in the sinking fund at the end of any month to be returned to the French government. We are receiving subscriptions, subject to allotment, for the above bonds at and Accrued Interest, to Yield Over 95 Subscription books will be opened at the offices of J. P. Morgan May 25, 1921, and will be closed in their discretion. . & Co., 8. at 10 oclock a. m., Wednesday, All subscriptions will be received subject to the issue and delivery to us of the bonds as planned, and to the approval by our counsel of their form and execution. The right is reserved to reject any and all appliAmounts due on allotment cations, and also, in any event, to award a smaller amount than applied for. will be payable at the office of J. P. Morgan & Co. in New York funds' to their order, on or about June . 10, 1921. . , Temporary bonds or trust receipts will bo delivered pending the preparation of the definitive bonds. , J. P. Morgan & Co. . - Brown Brothers lose - SO White, Weld & Co. Lazard Freres E. H. Rollins & Sons -- 20 12 19 19'. 37 12 5 41 53 4 & - Clark, Dodge & Co. Chase National Bank - 25 80 149 National City Company -- Kw York. & Co. . Savings Bank York. Bankers Trust Company, Kidder, Peabody & Co. Dillon,. Read & Co. J. & W. Seligman & Co, 'Kissel, Kinnicutt & Co. Spencer Trask & Co. ' Blair & Company, inc. Bonbright & Co.; zoe. Harris Trust Guaranty Company of New York ?vj 96 ik Ann Asrt Chemical ... Calif Packer Cerro de Paaee t bile Copper C tf W Ry, pfd ........ Cona Textile Goodrich Rubber ..... Hupp Motors Island Oil Mo Pac R R, pfd...... Montana Power Ontario Silver An. At Pierre Arrow in 1919. go Railway, pfd .199 Stand Oil ef N J, com. $ '.232 Rtromberg .27,1 lenn Copper .142 II S Smelting, pfd ..... 111 Virginia Chemical .... 1 71 Wahaeh A. pld J15 90 Wasters Pacific X X . Due June 1, 1941. 4 FEW TOM LISTED STOCKS. t As reported by J. A Bogie A Co . , Bonds 7V2J0 Interest payable June 1 and December 1. Frincipal and 'interest payable in New York at the office of J. P. Morgan & Co., in United States gold coin of .the present standard of weight and fineness, without deduction for any French taxes, present or future. Halsey, Stuart & Co., rna - New York Trust Company National Baik of Commerce in New York Central Union Trust Company of New York American Exchange National Bank ' . Mechanics & Metals National' Bank "" Equitable Trust Cqpipany of New York 89 41 81 21 20 INDUSTRIAL A ED T7TUJTT BONDS. ( Aa reported by J. A Hogls A Oe.) I Bid. Asked. - My toffee, lb..... Coco, crude, lb. lca. ib ....... gnsar. raw, lb. Rice. lb. Potatoes, bo. . Cot. External Gold Loan ar Not Subject to Redemption Prior to Maturity - ' of the French Republic joernment Lake Tribune Levied Wire. t WASHINGTON. May - 23 Automobile dealers, the fur industry and retail grocers were heard on the proposed turnover sales tax by the senate finance committee today. The first two favored and ' the last ' named opposed such a tax. The brief of the automobile dealers was presented by H. B. Harper of Philadelphia, chairman Of ths tax committee of the National Automobile Dealers" association, representing, ho said, 33,090 motor vehicle dealers, 33,000 garage men and 45,000 repair men. Mr. Harper told the committee that Our inthe sales tax is no experiment. and sales a now tax, is paying dustry so are more than a score of others, h said. If a sales tgx is a good thing for ons class of commodities, we believe it Is He a good thing for all commodities. commended It as an ethical and equitaone tor all. and ble form of taxation needed which will produce desired - and revenue." was tax excess to the profits Objection voiced for the- reason that the automoat least bile dealer cannot pass it on, not more than to a limited degree, for the reason that the puce of his car is fixed by the manufacturer. Denial was made that the automobile dealer Is making large profits, their average profit being between 3 5 and 4.5 per cent net on gross sales, said Mr. Harper, The brief of the national committee of the fur Industry was presented by Fairfax A. Reilly, vice president of A. J. Ingall, Inc., New York, ami represented the views of practically the whole fur of industry in the United State. Repeal the excess profits tax, the higher surtax rates, elimination of existing excise or luxury taxes, particularly that on furs, and the substitution of the pro1 per cent turnover tax were recposed ommended Either the Bmoot bill In the senate or would be the Mott bill in the house eminently fair, Just and equitable, and the would be welcomed by people of the United States, especially if the normal income and the surtaxes be revised to suit the present economic conditions of Mr. Reilly sa(d. the country, The existing 10 per cent tax on furs was declared to be unjust, unfair, disand criminatory and there is "absolute necessity" for its repeal, Mr. Reilly said. Representing the executive committee of the National Association of Retail Grocers, John Brayshaw of Washington opposed imposition of a sales tax. One objection of the grocers was that they be- did not wish to become have been in bad cause . repute almost from the beginning of time, he said. Seventy-fiv- e per cent of the number of sales in grocery stores are 60 cents or less in value, and it would he extremely difficult to collect a 1 per cent tax on such sales, he declared. He thought the only way it could be done would be by adopting the stamp plsfti, and, although that would be attended with very great trouble on the part of the grocers, it was the least objectionable plan for collecting such a tax, he believed. The tax hearings will be brought to a close not later than Saturday, Senator i'ttirom,- - chairman, announced today.' $100,000,000 24. 1921. pL Mwspt. pspr. lb. CARRIERS' PROSPERITY COMING. 23. Railroads May WASHINGTON, for the return of ought to be preparing sure Is to come, but they prosperity that xra, unable. ,t. obtain, gitomho: Jnpy.A. H. Smith, president of -- the New York Central, declared today at the opening of the third week of the senate's Inquiry Into the transportation situation. "For twenty years the roads haven't had sufficient income to meet the demands of their developments,' he said We ought to be getting ready for the return of prosperity. I'd like to be getting ready to that you will not have me down here after a while to explain why we cant handle the business." Howard Elliott, chairman of the board of the Northern Pacific, presented figures on operating expenses and revenues of his company, and they showed in a that forces beyond con, striking manner trol of the owners of the property heve absorbed a constantly increasing proportion of the total operatit g revenue. he added, that ths "It is railroad cannot, on a falling business, a solvent enterprise if long continue to be It cannot have some control of its Income and outgo and pay wages substantially on ths same basis as may be paid territory."" by other employers tn similar . A ASKS FARMER8" SUPPORT. Chics re TrlinneAsit Lake Tribune Leased Wire, WASHINGTON, May 23 C. 8. Barrett of the National Board of Farm organisations and president of the National Farm- ers' union, appealed today to the farmers of the country to get behind the pending concurrent resolution providing; for ths of a congressional eommis. appointment slon to investigate ths agricultural sttua' - tion in the country. With the creation of this commission," he says tn his appeal, the farmers of the United States have reason to believe that some of their most pressing problems wtll be solved They will at least knew from an authoritative source the men and Institutions who are collecting ruinous toll from them and equally ruinous tolls from This, of course, their final customers.if ths inquiry Is as will happen only as and aa searchthorough, ing as Is provided offorallIn the resolution. cltlsens are the Farmers, you most vltaHy ooncemed In the final adoption of this resolution and in the creation of the oom mission tor which it provides. you will have a (Through suchtoanfindagency out what has become good chance e of the result of your toll. the commission Is earnest and its -you will be able to investigation through your finger on the persons and Institulay tions iwhieh have long been collecting pay yours that la Justly If. the work of the commission is 1 do 2nd - dSTt 4s , 4 a , de Brd do 4th Victory 4s do 2nd do 4s 4s 8s4a 87.00 87 04 7 08 87 90 68 87 28 7 90 , S . Mill ess 00 64 87.22 07.56 97.56 07.80 you will know thorough and why you have been discriminated against by financiers and why you have been unable either to bur or sell, to obtain cash or credit, even though you may poeees livestock, grain, cotton and other commodities In abundance. Moreover, you will be able definitely to distinguish between jrour friends and those whose acts make them your enemies. But if this commission la created, you must help bring it into being. It is true that the senate committee on agriculture has given the resolution its support and that it is on the calendar for action by the senate. It is also true that the rules committee of the househe has given its assent to the creation proposed commission. final and To get definite action, however, you mutt write your congressman and your senator, and say that you arc of-t- in earnest. FRENCH LOAN COMING. NEW YORK. May 23 The new French government twenty-yea- r 7 per cent loan will be formally offered to the public at 8S next Wednesday by J. P. Morgan A Co., and a country-wid- e banking syndicate. It is understood half the loan will be of the applied toward the payment City of Paris A5 per cent loan isCo. Loeb several year sued by Kuhn, ago. which matures next October. S S I RAILS AND INDUSTRIALS. Hogle A Co--) (As reported by J. A. 75 65; off .42. Twenty Industrials, 7188; off .66. Twenty railroads, Oil exports from Mexico for April show Increase of 443,311 barrel over March. Pullman fails to earn final dividend for 1920. j 'grtbr'TiT w 12 United Shoe Machinery earned 56c a share on common stock In year ended February 1, 1921, versus (4 26 the previous year. standard Oil of New Jersey report for 1920 shows total asset of 11,102,312,595, or new high record. - CLEARING HOUSE REPORT. clearings, 32,020,628 13. Mondays Same Uay-la- Bt year, 33,583,906 21. SILT LIE -- lower. $1 Lamb. 75QU.60; $10 00J?11 00; ewes, $6.006 25. CHICAGO. 23. (United spring lambs, iEirpnsm States Bureau Ms f CHICAGO, of Markets.) Cattle Receipts, 23,000, beef steers and be tehee she stock. 25 to 40c lower Matured steers, $8 00; top yearling steers, $0 50; bulk. $7 758 50; fat cows and heifers, largely S 50 7 OO; bulla, mostly 50c lower; bulk, $5 00 Q5 75; vealers, 2550e lower; bulk, I7 26Q $ 25; stacker sad feeders, weak to lower CHICAGO, May 23 Whest Jumped today to Rpaetal to The Tribune. H of s Receipts, 42 000; sctlve, mostly 10 which ths July delivery baa NORTH SALT LAKE, lit y 2S. Cattto-R-li- ght; 15c lower; closing steady at day's best prices, the highest price were bullmarket Ilk to Wc lower; food holdover only moderate Crop report Top, $8 00, one load, touched this season. degree little short of aensat tonal and demand. Choice eteera, $6B0Q7 25; food atoera, very few over $8 80; bulk. $8 40??8 00; pigs, ish to was on The a arsis. market, huge te etrong; bulk desirable, $8 60&8 buying f 0000.50; feeder ateera. $5 0006.25; choice stepdy 22 000, however, closed unsettled, ranging from He net lambs, Sheep Receipt. ef 2Hc, with May $1.67 H eowt --and heavy he! fere, $5 50(35.00; fair to lower; eprlngs. 60 75c lower; sheep, 73e to $1 lower to au advam-lower. Bet dry fed shorn lambs, $11 50; Cali- to 6167H and July $127 te $128down Lor e A50tt9.2&i cutter food coho and heifer. springs. $13 50; 10 per cent tort at $8 50, finished He off to a shade up, .oats 1 T5$2 3ft; fat bulla. fornia $3 263 3 50; cannera, and provitdo&s varying from a Te denative springs. $13 00 dwn; eorting severe, to l.T5$S.ftO; llffbt best light thorn wethere, $6 50; bulk fat twee, cline to a lOc gain $8.T54.35; bologna bulls, One of the chi f factor which lad need broad few head at $6 OO. $4 004.50; veal calves, $0 26 Q 10 25. demand for wheat was an estimate from a Hoga Receipta, 01; market 15c lower: good leading crop expert that the Kansas yield this demand. Choice prime top fit bogs (170 to CITY. XiRBAI would be $5 Oih.OHO bushels leas than eeasoe 200 pounds), $8 50, bulk of eelca, $8.258.60, KANSAS CITY. Ho., May 28 (rafted States the government May report bad indicated. belt feeders, $8 108 85 15 weather throughout the grain the Bureau TBs OOu, Cattle Markets of SOe te market Receipts, flbep-Receipt$005; nd dry, a condition likely to lead to It classes alow; beef ateera generally lftc to wsa hot Good choice eprtnf lower, strong demand. Advices no still that farmers steers. 25c greater Early damage. lower; practically heavy $8 0oS.5O; choice yearlings (shorn), lambs, and were freely letting go of old wheat Jailed te $fl 00(37 OO; choice wether (shorn), $4.265.25; top, $8 65, beet yearlings, $8.40; she stock in in the last the etockere. value check but 25c Texas to weak lower, upturn feeder, , fat ewes. $a.50ftA2&, $7 76, bulk cows, $5 0026 25; fanners and part of the day considerable of a reaction calves, steady; bulk canuera, $2 25 $2 60 ; top took place as a result of selling based more OGDEN-Specia- l or leeo6 the fact that privet had bsea ea sealer to packet, $8 00. to The Tribune. Hogs Receipts, 13 OoO; generally steady to the upgrade for a week and that Belgium and As had withdrawn from the market. and 23. Csttle Greece to tower Beet lights mediums packReceipts, boss; 10c OGDEN, May supply total shrank today choice henry ateera. $8.0067 00; good gteera. er aad shippers. $8.25; bulk of sales. $80043 expected, the vls-bl- e OOO husheia OOO eholee 10 $5 lean to than sows choice and 50600; $35; packing pigs, steady; $4GO6.50; fair steers, Corn and oats reflected strength at times, feeder steer. $5.$0$800; choice cow and heif- stock pigs, $8 75. 14,000; 50t7V but for the moat part ware lower, influenced er $5 50 fair to fowl eowe and beifera, Sheep sheep. Receipts, 00 lower. Texas wethers, $5 T5; lambs, 2550c by big receipts of corn here. $5 0135 50, cottars, $2.00$.00, cannera, $2 Provision had little activity, but at the ft 2 V); choice feeder cows. $4 00 3 5 00. fat bulls 1 lower: Colorado shorn lambs, $10 25; fed native sprints, $12 00; Texas goats, $3.7&f$4 00. last appeared to be leading lower with cor bulla, $2.60(0$ 00j $8 PO&3 50; bologna and 00 hogs. calves, $8 000 Hose Receipt. 721; choice fatboga. 178 OMAHA. KANGS OP THS LEADING FUTURES. to 2iM) pounds. $8 50, bulk of sales $800&$50; Low. Close Neb OMAHA, Open. High. Hay S3 (United States feeder bogs, $8 OOtgb 00. ITo Bureau of Harkete.) WJIEAT 00 Receipt, 0Oi; Sheep Receipts, 1490; choice lambs, $8 65 lower. to to 10c 180 $1 16e 67t4 $1.70 May Bulk, meetly ...$l $5.00$ 0 00; wethera, $7 0(K?7 50; fat ewea, butchor. $8 10ti8 85; top $8 40; bulk July ..x 5 60; feeder lambs, $0 007 00. " CORN packbutchers, 250 pound end over $7 $08.10, July ... . ing grades, smooth, $7ftOt7t3. DENVER. Cattle Receipt a. 5000 ."slow. Beef steers and Sept ... 2&c c la OATS 15 41 other she to Tribane. sees, week, The stock, lower, Special 85. July ... DENVER, Colo., May SS Cattle Reeetpta, early top steerr, $88.V1O; 50c to Recri pta, spring Iambs, Bhcep Sept , 4400; market eteadjUo 15c lower, Beef eteere, PORK cows and heifers, $6 757 25, 75c lower; native spring lambs, $1150Q12 00; $7 0058 00; lsmh other $12 StockMay 25, top California, spring calves. $10 00612.00; bulls. $4 005 00, . lambs and sheep, slow to 2be loser, w noted juiv ers and feeders, $8 00j$7 00 LARD Hots Receipts. 1400. market steady to lOe Is mbs, $7r50, clipped, $1 1 CO, clipped yearlings, (k 50, clipped ewea, $6.00, feeders, unevenly July ... lover Tip. $8 55, bulk, $7 7ft 2 8 40. St pt ... ' Sheep scripts, 3000; market 25e to 60c tower. LIVESTOCK in IRKEI lc i wen RIBS July ... ...10.12 10 12 10 40 Sept 67. Corn low, V5JP VZb , 10.00 10.37 CASH QUOTATIONS. No. 3 bard, No. Wheat $1 Wt $167; 3 mixed, No 61G61e; 8i63. Oats No. 2 white, 40UUHc; 404$40e. Rye No. 2. 165KCHW. Barley 50$ 70e. seed- - $4 50600. Timothy 0 1ritod, Ne. No. yel- I whit, L Clover seed $13 Ougl$ 00, Pork Nominal. tar$$& $7 Hearing on Reasonableness $Uver King Coalition Mine of Salt Lake to Coast Directors Elect Officers Rates to Be Held Todays Rib $.5010 50. Director, of the Silver Kins Coalition Mine, company yeaterday elected officer (fr the eneuln year. David Keith Ml elected president; Thomoe F. Kearnt. vice president; W. Mont Ferry, vice preaident and managing director; F. J. Weetcott, ecretary and treaurer. Prevtoueiy Mr. Weetcott ha. aerved a Yesterday, however, he was secretary. also elected treasurer to fill the vacancy caused by the death of W. 8. McCornlcIc M. J. Dailey, In addition to being appointed mine manager, was elected a director jo succeed Mr. McComlck. The Utah Savings A Trust company was designated regietiar snd Mr. Weetcott transfer agent. The question of rates on livestock and packing house products will b. eongld-ered today at a hearing bafora an exv amtner of the Interstate commerce come mission in the federal building in 8al Lake. The principal question to be considered i. the reasonableness of rate, oil packing house product, between1 Bali held Lake and the Pacifio coast. It by local people that the rates Or Do 6 1 fair to Salt Lake pgckers. Among those who will represent differ ent roads at the hearing from out of Saif Lake are George Williams, generac freight agent for the Denver A B!f Grande; J. G. McMurry, assistant genera attorney for the Denverat A Hlo Grande! TISIBLE OEinr BUFFET, both with headquarters Denver; Theo KEW YORK. May 23. The visible supply .( dore Harte, assistant general freight America and bonded ila abowad the follow, agent for the Western Pacific wltlk Inc change.: In Ban Francisco, and k headquarters 18 8MOOO Wheat decreased bnehels. line the of different cal representatives Com dec re. ms 2, beehele. that enter Balt Lake. H.'W. Frickett of Oatf decreased 1,242 ooo tmebeie. the Traffic Service bureau will reprcMnt , Rye dpcrMsed SI 900 bushels. Salt Lake Interests at the hearing. Barley decreased 120 800 bush. Is. COTTO. lovdob Korrr. - V KPW YORK, My XS Cottes futens epeu3d LONDON. May XL Bar sllvsr, MHd 'pec 12 On,; Oetotor. ounce ; money, g per test, discount rates (hint steady; May. 12.30e; July, 13 doc; December. lLTOc, Jssnsry, 13.18. s bills, 4 Pto eeat; three months' bills. 0 per Bp.It Cotton, quiet, middling ILDOsv cent. r, ("ottos futures closed eety, July, 11 X6e; 18 Janue--y, December, 18.43; XIVS1ED OIL. lLOfir; March, 13 90c. ny at a set toe line of 37 DULUTH. Minn.. Usy 23. Uuseeel os trscX Cotton closed 92. Aspd to arrive, w (e; ft - i |